Regulatory Alerts2024-01-01
Payments-2024-Circular No. 22 Provision of Offline Connectivity Service for E-Wallet Applications
The Palestine Monetary Authority issued Circular No. 22 (Payments-2024) mandating all licensed banks, payment companies, and electronic currency service providers to implement offline connectivity services for e-wallet applications. The directive establishes technical specifications, operational guidelines, and compliance requirements to ensure seamless transaction processing and enhanced user accessibility across licensed payment channels. Financial institutions must align their digital infrastructure with these standards to maintain regulatory compliance and support uninterrupted offline payment functionalities.
PALESTINE MONETARY AUTHORITY Circular No. 22 (Payments-2024) Provision of Offline Connectivity Service for E-Wallet Applications
Date: 1 October 2024 Reference: 2024/2.2
To: All Banks, Payment and Money Transfer Companies, Payment Service Providers, and Electronic Currency Service Providers.
Subject: Provision of Offline Connectivity (Offline) Service for E-Wallet Applications.
The Palestine Monetary Authority hereby issues this circular to all concerned financial and payment entities regarding the regulatory requirements, technical specifications, and operational guidelines for implementing offline connectivity services in electronic wallet applications. This directive ensures seamless transaction processing, compliance with established standards, and enhanced user accessibility across all licensed payment channels.
Ramallah & Al Quds Governorate, Palestine P.O. Box 452 Email: info@pma.ps | Fax: +970 2 2415310 Tel: +970 2 2415251 | Postal Code: P6160675